The correct IUPAC name is 4−hydroxypentan−2−one. The parent compound contains 5 carbon atoms. Hence, it is a derivative of pentane. The carbonyl group is present on second carbon atom. Hence, it is named pentan−2−one. The last alphabate 'e' of pentane is replaced with word −2−one. A hydroxyl group is present as a substituent on fourth carbon atom and is named as prefix.